Medivation Announces $14.25 Million Registered Direct Offering

Medivation, Inc. (AMEX:MDV) today announced that it has
entered into definitive purchase agreements to sell 3,000,000 shares
of its common stock at a price of $4.75 per share in a registered
direct offering. The offering will raise gross proceeds to Medivation
of $14.25 million before placement agent fees and other offering
expenses. The sale is being made under Medivation's effective shelf
registration statement filed with the Securities and Exchange
Commission on May 1, 2006. The closing of the transaction is expected
to occur on May 18, 2006.
   Emerging Growth Equities, Ltd., a full-service investment banking
and brokerage firm, served as the placement agent for this offering.
   This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or jurisdiction.

   About Medivation

   Medivation, Inc. acquires promising pharmaceutical and medical
device technologies in the late preclinical development phase, and
develops those technologies quickly and cost-effectively through human
first proof-of-efficacy studies (generally the end of Phase 2 clinical
trials). Depending on the indication, Medivation will either seek to
sell or partner successful programs with larger pharmaceutical,
biotechnology and medical device companies for late-stage clinical
studies and commercialization, or alternatively conduct those
activities internally. The Company intends to build and maintain a
portfolio of 4 to 6 development programs at all times.

   Safe Harbor Statement

   This press release contains forward-looking statements, including
statements regarding the anticipated size of the Company's portfolio,
which are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ significantly from those projected. You are cautioned not to
place undue reliance on the forward-looking statements, which speak
only as of the date of this release. Our filings with the Securities
and Exchange Commission, including our Annual Report on Form 10-KSB
for the year ended December 31, 2005, as amended, include more
information about factors that could affect our financial and
operating results.